Tushar Patni, Chairman, Abu Dhabi Gold and Jewellery Group, informed media sources that gold sale in Abu Dhabi had dropped 15 percent in third quarter of 2006, but shot up seven percent in November.
He cited reason for the rise to be more stability of market at present compared to third quarter. Consumers turned back to the region's gold market after the end of Israel's battle with a guerrilla group, which had reduced gold sales.
He anticipated gold sales to decrease 20 percent in the fourth quarter because prices were higher than previous year. Third quarter sales had declined 30 percent in Dubai, but they upturned 7.4 percent year-on-year in November.
Even though Abu Dhabi and Dubai have their own jewellery makers, imports comprise 60 percent of total jewellery sales in stores.
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